WHEREAS, the pensions of retired UFT members are not keeping pace with inflation, resulting in significant economic hardship for many; and

WHEREAS, the methodology for calculating the cost-of-living adjustment (COLA) for existing New York City public employee pensions has remained unchanged since 2001, while the cumulative rate of inflation over this period has drastically eroded the purchasing power of UFT retirees; and

WHEREAS, the 1.8% COLA increase for city pensions in 2024 — a mere $27 per month before taxes — reflects an outdated methodology that applies the COLA only to the first $18,000 of retirement benefits, utilizing only 50% of the Consumer Price Index and capping it at 3% annually, all of which fails to reflect the true increase in the cost of living for UFT retirees; and

WHEREAS, COLA increases are not applied for the first five years for those retiring from the Teachers’ Retirement System at age 62 or older and for the first 10 years for those retiring between ages 55 and 61; and

WHEREAS, the investment strategies pursued by the TRS board (including the three teacher-members representing the UFT) have successfully created a well-funded and diversified pension fund that can support meaningful increases in pension COLAs, reflecting our commitment to the financial well-being of retired members and honoring their years of service; and

WHEREAS, our retirees, who dedicated their lives to education and community service, deserve a secure and dignified retirement; therefore, be it

RESOLVED, that the UFT launch a comprehensive campaign aimed at establishing fair and sustainable cost-of-living adjustments to pensions for retired UFT members and other city workers by significantly improving the COLA benefit; and be it further

RESOLVED, that the UFT develop and implement a strategic plan that engages elected officials, other city unions and both in-service and retired UFT members to achieve these critical objectives; and be it further

RESOLVED, that the UFT advocate for innovative solutions, including revisiting and revising the COLA calculation methodology, and advocate to the governor and state legislature for legislative changes that ensure COLA adjustments going forward help protect the financial security of UFT retirees.